Merck to Pay as Much as $3 Billion for Eye Treatment Startup
- Eyebiotech is developing Restoret for retinal conditions
- Merck to pay $1.3 billion upfront, $1.7 billion in milestones
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Merck & Co. restocked its cabinet of eye treatments with the purchase of Eyebiotech Ltd. for as much as $3 billion, a move to help prepare for increasing price pressure on top-selling cancer therapy Keytruda in the coming years.
Merck will pay $1.3 billion upfront and as much as another $1.7 billion if the closely held UK company meets future business goals, according to a statement Wednesday. EyeBio’s leading asset is Restoret, an early-stage experimental antibody aimed at diseases such as a form of age-related macular degeneration that occurs when abnormal, leaky blood vessels form in the retina, and diabetic eye disease.